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The Citizenship By Investment Unit Bill 2024 took its inaugural steps in Parliament on March 26, heralding potential enhancements to the Citizenship By Investment (CBI) operations. Prime Minister and Minister of National Security, Immigration, and Citizenship, Dr. Terrance Drew, expressed optimism regarding the Bill’s passage through Parliament, foreseeing improved CBI practices.

The proposed measures draw from recommendations outlined in a joint report by the Financial Action Task Force (FATF) and the Organisation for Economic Co-operation and Development (OECD). Dr. Drew underscored the need for specialized oversight and professional management within the CBI framework, emphasizing the evolution toward a more proficient operational structure.

While the Bill empowers the Citizenship By Investment Unit to manage its financial affairs, a significant portion of CBI revenue will still be channeled into the consolidated fund for administration by the Federal Ministry of Finance.

Internationally, the CBI Programme faces scrutiny, notably from the European Union, prompting calls for stricter regulations to bolster transparency and accountability. In response, the administration is finalizing the establishment of the International Due Diligence Unit within the Ministry of National Security. This unit, headquartered in Europe, will diligently monitor St. Kitts and Nevis passport holders, ensuring compliance with international and host country laws.

Dr. Drew affirmed the significance of this proactive measure, highlighting its pivotal role in mitigating risks associated with the CBI Programme. The Bill’s introduction coincides with regional collaboration, as four OECS territories, including St. Kitts and Nevis, recently signed a Memorandum of Agreement to foster cooperation and information sharing concerning CBI initiatives.